Mon, May 5, 11:49 AM (6 days ago)
**Ocular Therapeutix, Inc. (OCUL) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** $10.7 million, down 27.7% YoY due to pricing strategy and Medicare reimbursement changes. - **Net Loss:** $64.1 million, slightly improved from $64.8 million in Q1 2024. - **Cash Position:** $349.7 million in cash and cash equivalents, with a $82.5 million debt facility. - **Operating Expenses:** Increased by 28.2% YoY to $74.6 million, driven by R&D and SG&A. **Key Metrics:** - **Gross Margin:** Negative due to high R&D and SG&A expenses. - **Operating Margin:** -600% (Loss from operations of $63.9 million on $10.7 million revenue). - **Cash Burn:** $44.7 million in net cash used in operating activities. **Earnings Changes:** - **R&D Expenses:** Increased by 106% YoY to $42.9 million, primarily due to clinical trials for AXPAXLI and PAXTRAVA. - **SG&A Expenses:** Increased by 28.2% YoY to $30.5 million, driven by personnel and professional fees. **Quarterly Performance Discussion:** - **AXPAXLI (OTX-TKI):** Two Phase 3 trials (SOL-1 and SOL-R) ongoing for wet AMD. Topline results expected in Q1 2026. - **PAXTRAVA (OTX-TIC):** Phase 2 trial ongoing for OAG/OHT. End-of-Phase 2 meeting with FDA planned. - **DEXTENZA:** Commercial product with pediatric label expansion approved. Revenue impacted by pricing strategy and Medicare changes. **Trends and Uncertainties:** - **Revenue Trends:** Expect quarterly revenue growth driven by increased unit sales and adjustments to Medicare reimbursement. - **Operational Trends:** Continued investment in R&D and SG&A to support clinical trials and commercialization efforts. - **Uncertainties:** Regulatory approvals, market acceptance, and competitive landscape pose risks to future operations. **Future Operations Impact:** - **Funding:** Existing cash and debt facility expected to support operations into 2028. - **Strategic Initiatives:** Potential collaborations, strategic alliances, and additional financing to support growth and development. **Conclusion:** Ocular Therapeutix continues to invest heavily in R&D and SG&A to advance its pipeline and commercialize DEXTENZA. Despite a challenging revenue environment, the company maintains a strong cash position and strategic initiatives to support future growth.